The highly anticipated Plaid Thai Pheu digital currency worth 10,000 baht has finally revealed its plans for public use. When can you start spending it? What products will be available for purchase? Read on to find out.
Speaking on the progress of the initiative, Phaophum Rodjanasakul, Deputy General Secretary and spokesperson for the Economic Committee of the Thai Party Pheu, shared some exciting updates. In a recent interview (August 24, 2023), he confirmed that the 10,000 baht digital currency policy will soon be rolled out via a wallet application. The official launch is expected to take place in the first half of 2024, with efforts to ensure availability by April 2024, coinciding with the Songkran festival. This timing aims to encourage people to utilize the currency while returning to their hometowns during this festive period.
What is digital currency?
Digital currency refers to currency created digitally using blockchain technology. In Thailand, it is commonly known as “digital bath” or Central Bank Digital Currency (CBDC) and Digital Currency Electronic Payment (DCEP) issued by the Central Bank of Thailand (BOT). Individuals can store and manage their digital currency using a “digital wallet”.
It is important to note that the Thai Pheu party is developing its own digital wallet, which is not a new currency but rather a digital representation of the Thai baht. This digital coin cannot be exchanged with other currencies and is specifically intended to support the 10,000 baht digital currency donation policy aimed at stimulating the economy.
Who is eligible to receive the 10,000 baht digital currency?
All Thai citizens aged 16 and above are eligible to receive the “Digital Wallet” equally. Furthermore, individuals with disabilities and elderly people receiving other forms of welfare will receive the full amount without any deductions. Those eligible for the 10,000 baht digital currency do not need to take any action or register through the app. The funds will be automatically credited to their accounts.
Using the 10,000 baht digital currency
The digital currency can be used to purchase various daily necessities, excluding prohibited items such as drugs, gambling, and certain online products. Additionally, the currency can only be spent within a 4-kilometer radius, emphasizing the stimulation of local economies and preventing income concentration in urban areas. The usage period is set to six months, serving as a measure to drive economic growth.
How to use the 10,000 baht digital currency
To access the 10,000 baht digital currency, individuals will need to download the accompanying app and link it to their ID card. Alternatively, they can use their ID card along with a personal QR code issued by a government agency. For those without a mobile phone, the ID card, along with the linked personal QR code, will suffice without any additional steps required.
Can the 10,000 baht digital wallet be converted into cash?
Registered trade merchants will provide the option to exchange the 10,000 baht digital wallet for cash, ensuring a convenient and flexible system for users.
Why opt for a 10,000 baht digital wallet?
This secure and highly protected digital wallet minimizes financial risks and offers a safe channel for various financial transactions. It is important to highlight that the 10,000 baht digital wallet is not a new currency or a form of cryptocurrency. There is no speculation or fluctuation in its value, making it a reliable system. Moreover, this investment in a robust financial infrastructure positions Thailand as a frontrunner in blockchain technology and establishes the nation as a regional FinTech hub. The 10,000 baht digital wallet represents a powerful tool implemented by the Thai Pheu party to revive the economy and generate income for the people.
While the Thai Pheu Party has proposed the “10,000 baht digital currency” policy as part of their early 2023 campaign, its implementation is yet to be finalized. Further details will gradually be provided, including conditions for usage based on residential registration. Additionally, the safety and compliance of this digital currency will be assessed by the Bank of Thailand. Consequently, it is essential to stay informed and continue following the news for updates on this exciting development.
The latest 10,000 baht digital currency, Plaid Thai Pheu has clearly answered. When can I start spending? What products can I buy? Find out here.
Phaophum Rodjanasakul, Deputy General Secretary of the Party and spokesperson of the Economic Committee of Thai Party Pheu Discuss the progress on the show. There is a story this morning (24 August ’23) that the policy 10,000 baht digital currency It will be an update with the wallet application. It is expected to be available to the public in the first half of 2024, with efforts to make it in time before April 2024, which overlaps with the Songkran festival. that people return to their home towns in order to spend during that period
What is digital money?
digital currency is Currency created digitally using blockchain technology known in Thailand “digital bath” or Central Bank Digital Currency (CBDC) and Digital Currency Electronic Payment (DCEP) issued by the Central Bank of Thailand (BOT). “Digital Wallet” or Digital Wallet can
Let’s think about the wallet app from the government, like half a person, traveling together, or we win, etc. As for the Thai Pheu party it has plans to create its own digital wallet that is not money new currency But it is a digital coin equivalent to the Thai baht. which cannot be exchanged with other currencies intended to be supported 10,000 baht digital money donation policy to stimulate the economy
What are the qualifications for people eligible to receive 10,000 baht digital currency?
All Thai people aged 16 and over will receive “Digital Wallet” (Digital Wallet) equally People with disabilities, elderly people with other welfare will receive the full amount without deductions. Citizens eligible to receive 10,000 baht in digital currency do not need to take any action. There is no need to register through the app. Just wait for the money to be automatically credited to the account
Using digital currency 10,000 baht
able to spend on all kinds of daily necessities unable to buy mischief especially drugs, gambling, online products Including unable to use the debt Spending within a 4 kilometer radius to stimulate the community and local economy is not concentration of income in the city. The period of use is 6 months as a measure to pump the heart to stimulate the great economy to continue walking.
How to use 10,000 baht digital currency
10,000 baht digital currency will have an app attached to an ID card to download. Or use an ID card along with a personal QR code issued by a government agency. If you don’t have a mobile phone, use your ID card along with your personal QR Code, which will already be linked in the system without people having to take any action.
10,000 baht digital wallet can be exchanged for cash?
exchangeable for cash from registered trade merchants can exchange without worry
Why a 10,000 baht digital wallet?
No risk, maximum security Safe in all avenues of financial transactions The 10,000 baht digital wallet is not a new currency. Not Cryptocurrency No speculation, no reduction in price, creating a new financial system It is an investment in a new financial infrastructure to make Thailand the first country in the world where the whole country has access to blockchain technology, the regional FinTech hub, because it will the 10,000 baht digital wallet makes Thailand a regional fintech hub. don’t cancel the poor people card When it disappears until people stop using it themselves. by Plaid Thai Pheu to revive the economy to generate income for people
Thai Pheu Party has a policy on “10,000 baht digital currency” This is part of the campaign in early 2023 and after the formation of the government and the vote of the prime minister. This policy has not actually been implemented. Ready to give more details gradually, such as conditions for using money in the area according to the house registration And despite the party stating that this digital money is safe and not a new currency Must pass an inspection by the Bank of Thailand In this matter, we need to wait for more information and continue to follow the news.
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